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We are under contract on a new build in Knoxville, TN. The Builder missed the Substantial Completion Day by 8 days. My Realtor and Loan Officer have been asking to order the Appraisal Since the 10th of this month but didn't get done until the 24th since the List Agent said the Home was not complete for the appraiser to come out. We have still not received the appraisal for it to go through underwriting so we can close on the home that is set to close on 9/30. The Builder has said Multiple times they will not extend closing because it's their policy. How can they legally not extend when they caused us to miss the close date?
There's something else going on here.... the listing agent (or the seller, for that matter) does not control when the appraiser comes. The appraisal is ordered by your lender at your request.
The house may not be complete when he/she gets there, but in that case, usually the appraiser can order specific items that still need to be completed while still figuring final value and turning in the appraisal report so the process keeps moving.
I am gathering the lender is not ready. Is the house actually ready to close tomorrow?
There's something else going on here.... the listing agent (or the seller, for that matter) does not control when the appraiser comes. The appraisal is ordered by your lender at your request.
The house may not be complete when he/she gets there, but in that case, usually the appraiser can order specific items that still need to be completed while still figuring final value and turning in the appraisal report so the process keeps moving.
I am gathering the lender is not ready. Is the house actually ready to close tomorrow?
The Lender asked the List Agent on Sept. 10th if they could do a preliminary appraisal since it was new construction (I think that is the kind of appraisal you're talking about above) and then a final appraisal when it was complete. The List agent stated "We are still lacking a few things, so not sure if you need to do a two step? We are lacking the plumbing, flooring, yard driveway heat and air". The list agent then Said "We should be ready by next Tuesday to order the appraisal" which was on Sept. 24th (Which the appraiser came out and we are still waiting for it to come back in so we can close). The house is ready to close but my finances can't go through without the appraisal and they will not extend
The Lender asked the List Agent on Sept. 10th if they could do a preliminary appraisal since it was new construction (I think that is the kind of appraisal you're talking about above) and then a final appraisal when it was complete. The List agent stated "We are still lacking a few things, so not sure if you need to do a two step? We are lacking the plumbing, flooring, yard driveway heat and air". The list agent then Said "We should be ready by next Tuesday to order the appraisal" which was on Sept. 24th (Which the appraiser came out and we are still waiting for it to come back in so we can close). The house is ready to close but my finances can't go through without the appraisal and they will not extend
Interesting situation. It sounds like your lender might be what put sand in the gears. The appraisal on the 24th should have been back in time for the underwriter to give a final thumbs up this past Friday. The only issue is then is that the lender could not move fast enough with CD’s etc for a Monday close. If the builder refuses to extend, my thinking is that the builder may have a better offer in the wings? Most folks agree to extend unless there is something better waiting out there. I could be off here on blaming the lender .. I very rarely deal with anything other than all cash transactions.
I do think it sounds like appraisal was ordered very late. Not sure whose fault that is, but hopefully the 'no extensions' policy can be bent a little come Monday, but the appraisal better come back and the lender needs to pick up the pace.
Interesting situation. It sounds like your lender might be what put sand in the gears. The appraisal on the 24th should have been back in time for the underwriter to give a final thumbs up this past Friday. The only issue is then is that the lender could not move fast enough with CD’s etc for a Monday close. If the builder refuses to extend, my thinking is that the builder may have a better offer in the wings? Most folks agree to extend unless there is something better waiting out there. I could be off here on blaming the lender .. I very rarely deal with anything other than all cash transactions.
I called the Appraiser Friday and he said that we were still 6th in line but was trying to push it to the top and hopefully would be back on Monday. The AMC said is that the Appraiser Put in there Due Back by 10/4. That is what i'm worried about. At our Punch List walk through the List Agent went outside and was talking to another potential buyer who wanted to look at our home since the one right beside it was too big for her. The Lady actually walked in while we were doing out punch list to talk to the list agent again 30 min later. My agent even asked the list agent once they said they will not extend if they had another offer and why they wouldn't extent this close to closing when they were 8 days late on the Substantial Completion date and the List agent telling us in writing the appraiser can't come out until the 24th when it was finally completed ? The list agent didn't respond. My Agent has his Broker contacting the list agents broker
I called the Appraiser Friday and he said that we were still 6th in line but was trying to push it to the top and hopefully would be back on Monday. The AMC said is that the Appraiser Put in there Due Back by 10/4. That is what i'm worried about. At our Punch List walk through the List Agent went outside and was talking to another potential buyer who wanted to look at our home since the one right beside it was too big for her. The Lady actually walked in while we were doing out punch list to talk to the list agent again 30 min later. My agent even asked the list agent once they said they will not extend if they had another offer and why they wouldn't extent this close to closing when they were 8 days late on the Substantial Completion date and the List agent telling us in writing the appraiser can't come out until the 24th when it was finally completed ? The list agent didn't respond. My Agent has his Broker contacting the list agents broker
Ultimately the buyer has to make their dates or get an extension. If the seller doesn’t agree to extend and the closing date is missed, the deal is dead. You can always consult an attorney and try to force the seller to extend based on some allegation of failure on the sellers part, but in the end, the cost usually isn’t worth it. If the seller doesn’t extend past tomorrow and you miss the date, you are probably going to have to find another home. Sounds to me, from what you have said, the house is popular and the seller knows they have (or could have) a buyer in the wings.
As a footnote, when I am a seller, I never agree to extend a closing date early. In the rare instance where I have extended a closing date, I agree to extend on the day of closing not before. So maybe your seller has that same mindset and will agree to extend on the day of closing.
I called the Appraiser Friday and he said that we were still 6th in line but was trying to push it to the top and hopefully would be back on Monday. The AMC said is that the Appraiser Put in there Due Back by 10/4. That is what i'm worried about. At our Punch List walk through the List Agent went outside and was talking to another potential buyer who wanted to look at our home since the one right beside it was too big for her. The Lady actually walked in while we were doing out punch list to talk to the list agent again 30 min later. My agent even asked the list agent once they said they will not extend if they had another offer and why they wouldn't extent this close to closing when they were 8 days late on the Substantial Completion date and the List agent telling us in writing the appraiser can't come out until the 24th when it was finally completed ? The list agent didn't respond. My Agent has his Broker contacting the list agents broker
That would suck if they sold it out from under you.
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